FED official: road to recovery could be long&hard

Added On April 14, 2020

 The U.S. economy could be facing a long, hard road to recovery, unless a health miracle like an effective therapy or a vaccine is available in the coming months. That's according to a senior U.S. Federal Reserve official on Sunday.

The president of the Federal Reserve Bank of Minneapolis, told CBS's "Face the Nation" :
Barring some healthcare miracle like that, it seems like we're gonna have various phases of rolling flare-ups, with different parts of the economy turning back on, maybe turning back off again. This could be a long, hard road that we have ahead of us until we get to either an effective therapy or a vaccine. It's hard for me to see a V-shaped recovery under that scenario."
Kashkari says U.S. policymakers should focus on an 18-month strategy for reopening the economy as the outbreak recedes and flares up again.
Director of the National Institute of Allergy and Infectious Diseases Anthony Fauci said on Sunday that a partial reopening of the economy could possibly begin in May, but there might be a second outbreak in the fall.
According to the Johns Hopkins University, the number of COVID-19 cases in the United States topped 550,000 as of Sunday afternoon. While the WHO tally is about 57,000 short of that figure.